CSE to seek shareholders nod to sell land to raise cash

The Calcutta Stock Exchange (CSE) will seek shareholders' approval on June 20 to sell land at EM Bypass to raise resources to meet the regulators norms and avoid de-recognition.

"We have decided to convene an extra-ordinary meeting for shareholders on June 20 to get their nod in going ahead with hiving out our three acres land parcel on EM Bypass to use for business purpose," CSE Managing Director & CEO B Madhav Reddy told PTI.

"We are not planning to hive off the land at Rajarhat," he said.

CSE has received SEBI approval to sell land to raise cash that will be utilised to buy stake in a clearing corporation, increase its net worth and fund acquisition of other stock exchanges business.

The CSE board, meanwhile, had sought extension of deadline of May 30 from SEBI to qualify to stay as an active exchange.

SEBI had informed the exchange that the regulator might initiate de-recognition after May 30, if the criteria was not met.